The Lombard Village Board has enacted cost savings measures in the past year, through a successful early retirement initiative and increased efficiencies in risk management policies and procedures, according to a news release from the village.

This year, the village will put about $1.8 million into its utility tax reserve, which provides a cushion for fluctuations in future costs and a source of funds for future tax relief for residents.

Lombard's annual budget is roughly $85 million. The village has about $46 million in assets and maintains full 25 percent reserves on its fund balances. The Lombard village property tax levy has increased from more than $4 million in 1992 to more than $6 million in 2002 to over $8.5 million in 2012, according to the release.